Moving a Linked Library
Yes. At the outliner panel, find blender File in the menu.



You will see then the current file listed along with other linked files. You can edit the path by clicking over it twice with the left mouse button, or using Ctrl+ left mouse over it.



You must rewrite the new access path yourself. Save and reload to apply the changes.
WARNING !! DO backup before you do this! If the linked file is not found, the result will be a broken file without the link. If you save again with that error, you will loose any reference (instances to that file) forever, forcing you to relink again.